An RSI above 50 and an upward trend suggest a favorable scenario for bulls, while readings below 50 imply the opposite.
The RSI is above 50 and rising, indicating a bullish trend. Despite the RSI being in overbought territory, there’s no bearish divergence yet, signaling a potential price decline. Also, the current RSI value of 82 is well below the all-time high of 99.
According to Elliott Wave theory, the bullish trend will only be invalidated with a decrease below the wave one high (red line) at $32. That could cause a 60% price decrease to the next support at $27.
For BeInCrypto’s latest crypto market analysis, click here.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.